Cryptocurrency Might Be Treated as Treasure Under Russia’s Tax Code

Russia might implement an interesting tax method. Local media reported that the Association of Banks of Russia proposes a tax on cryptocurrency mining that is equivalent to the tax on found properties or treasures.

In Russia, Bitcoin Regarded as Treasure

While it has been often associated with speculators and criminals, the king of cryptocurrency might find its true vocation in Russia, where it might be regarded as treasure. Local media portal Izvestia reported on Thursday that the Association of Banks of Russia (ABR) prepared a report in which it compares crypto mining with finding a treasure, which is taxable. Thus, the association proposes the government to tax crypto mining the same as taxing found treasures.

The ABR members will discuss the document on October 8 at the association’s site.

“Using legal fiction, it could be argued that the first owner of the crypto assets ‘found them,’ since the receipt from an anonymous system can be conditionally considered a…